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Vontobel to buy back 12.5 pct stake held by Raiffeisen
June 20, 2014 / 6:08 AM / 3 years ago

Vontobel to buy back 12.5 pct stake held by Raiffeisen

ZURICH, June 20 (Reuters) - Swiss bank Vontobel Holding AG said on Friday it will buy back 12.5 percent of its shares currently held by Swiss retail bank Raiffeisen.

The move comes after Raiffeisen said earlier it would end its back-office partnership with Vontobel, which runs to the middle of 2017.

Vontobel said it had the right to repurchase the shares as part of the agreement and that the price paid will be based on the average share price over the last 60 days, which it had yet to calculate. Based on Thursday’s closing price, the package is worth around 250 million Swiss francs ($280.4 million).

Raiffeisen was not immediately available for comment on the deal.

$1 = 0.8917 Swiss Francs Reporting by Joshua Franklin and Ruppert Pretterklieber; Editing by Maria Sheahan

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